ANZ LMI Waiver: Professional Home Loan Packages & Eligibility Guide
Complete guide to ANZ's LMI waiver for professionals. Eligible professions, income thresholds, LVR limits, documentation & how ANZ compares to CBA, NAB, Westpac.
ANZ is one of Australia’s big four banks and offers professional LMI waiver packages for qualifying borrowers. If you’re a doctor, lawyer, accountant, engineer, or other recognised professional, ANZ may waive Lenders Mortgage Insurance (LMI) on home loans above 80% LVR — potentially saving you $10,000 to $40,000+.
However, ANZ’s professional packages have specific eligibility criteria that differ from CBA, NAB, and Westpac. Understanding these differences is essential to determining whether ANZ is the right lender for your professional LMI waiver, or whether another bank offers a better fit.
This guide covers ANZ’s eligible professions, income thresholds, maximum LVR limits, documentation requirements, and how the bank compares to its competitors.
How ANZ’s Professional LMI Waiver Works
ANZ’s LMI waiver operates through its professional banking packages. When you apply for a home loan and meet the eligibility criteria for your profession, ANZ removes the LMI charge that would normally apply at LVRs above 80%.
The waiver is not a separate product you apply for. It’s built into the loan assessment process. Your broker or ANZ lending specialist identifies that you qualify, and the LMI premium is simply not charged.
Like other big four banks, ANZ’s rationale is risk-based. Professionals in recognised occupations have lower historical default rates, stable income trajectories, and qualifications that take years to earn. This reduced risk profile means ANZ is comfortable lending at higher LVRs without requiring mortgage insurance.
The waiver applies to both new purchases and refinancing. If you’re moving your home loan from another lender to ANZ and your LVR exceeds 80%, ANZ won’t charge LMI provided you meet the professional criteria.
ANZ’s Eligible Professions
ANZ recognises a range of professions for LMI waivers. The eligible professions, maximum LVR, and conditions vary.
Medical and Health Professionals
ANZ has solid coverage of medical professions, though its offerings are slightly less extensive than CBA’s dedicated Medico Plus program.
Eligible medical professionals at ANZ:
- Medical practitioners (GPs, specialists, surgeons)
- Medical registrars (with AHPRA registration)
- Dentists and dental specialists
- Optometrists
- Veterinarians
- Pharmacists
- Physiotherapists (registered with AHPRA)
- Psychologists (registered with AHPRA)
Maximum LVR: Up to 90% for medical practitioners and dentists. Up to 85% for allied health professionals (pharmacists, physiotherapists, psychologists), though this varies by individual assessment.
Membership requirement: Current AHPRA registration or registration with the relevant veterinary or pharmacy board.
Legal Professionals
ANZ recognises legal professionals for LMI waivers, covering solicitors, barristers, and senior legal roles.
Eligible legal professionals at ANZ:
- Solicitors (with current practising certificate)
- Barristers (with current practising certificate)
- Partners and directors of law firms
- In-house counsel with a practising certificate
- Government lawyers with practising certificates
Maximum LVR: Up to 90% for qualifying legal professionals.
Membership requirement: Current practising certificate from the relevant state or territory law society or bar association.
Accounting and Finance Professionals
ANZ includes accountants in its professional packages, though the criteria can be slightly more conservative than some competitors.
Eligible accounting professionals at ANZ:
- Certified Practising Accountants (CPA)
- Chartered Accountants (CA)
- Fellows of CPA Australia or CA ANZ
- Financial controllers and CFOs with CPA/CA designation
- Registered tax agents and auditors with CPA/CA
Maximum LVR: Up to 85–90% depending on loan amount and individual assessment. ANZ may cap LVR at 85% for larger loan amounts.
Membership requirement: Current membership with CPA Australia or Chartered Accountants Australia and New Zealand (CA ANZ). IPA membership is considered on a case-by-case basis.
Engineers
ANZ recognises engineering professionals for LMI waivers across major disciplines.
Eligible engineers at ANZ:
- Civil, structural, mechanical, electrical, chemical, and environmental engineers
- Mining engineers
- Engineering managers with professional qualifications
Maximum LVR: Up to 85% for most engineers, with some flexibility to 90% for senior, high-income engineers.
Membership requirement: Membership with Engineers Australia or equivalent recognised body.
IT and Technology Professionals
ANZ offers LMI waivers for IT professionals, though with higher income thresholds and lower LVR caps compared to medical and legal professions.
Eligible IT professionals at ANZ:
- Software engineers and architects
- IT managers and directors
- CIOs and CTOs
- Senior data scientists and analysts
Maximum LVR: Typically 85% for IT professionals.
Income requirement: Generally $180,000+ individual income. ANZ is selective with IT professional waivers and may require evidence of specialisation and career stability.
Other Recognised Professions
ANZ also considers LMI waivers for:
- Actuaries (members of the Actuaries Institute)
- Architects (registered with the relevant state board)
- Surveyors (registered professionals)
- Senior public servants (executive-level roles)
Eligibility for these professions is assessed on a case-by-case basis.
ANZ’s Income Thresholds
ANZ’s minimum income requirements for professional LMI waivers are broadly in line with other big four banks:
| Profession | Typical Minimum Income |
|---|---|
| Medical practitioners | $150,000+ |
| Dentists | $150,000+ |
| Lawyers | $150,000+ |
| Accountants (CPA/CA) | $150,000+ |
| Engineers | $150,000+ |
| IT professionals | $180,000+ |
| Veterinarians | $120,000–$150,000 |
| Allied health professionals | $150,000+ |
Key points about ANZ’s income assessment:
- Individual income counts: The qualifying professional’s individual income must meet the threshold. A partner’s income contributes to serviceability but not the LMI waiver qualification.
- Base salary focus: ANZ primarily assesses base salary, though regular and guaranteed bonuses may be included. Variable or discretionary bonuses are typically discounted.
- Self-employed professionals: ANZ accepts self-employed professionals but requires at least two years of tax returns and business financials. Income is assessed based on the lower of the two years or an average, depending on the trend.
- Contract workers: Professionals on contract can qualify, though ANZ may require a minimum remaining contract term and evidence of ongoing engagement in the profession.
ANZ’s Maximum LVR by Profession
| Profession | Max LVR (Owner-Occupied) | Max LVR (Investment) |
|---|---|---|
| Medical practitioners | 90% | 85% |
| Dentists | 90% | 85% |
| Lawyers | 90% | 85% |
| Accountants (CPA/CA) | 85–90% | 80–85% |
| Engineers | 85% | 80–85% |
| IT professionals | 85% | 80% |
| Veterinarians | 85–90% | 80–85% |
| Allied health | 85% | 80% |
These are indicative limits. ANZ may adjust LVR caps based on loan amount, property location, and individual risk assessment.
Important note on loan amount: ANZ may reduce the maximum LVR for larger loan amounts. For example, a profession that qualifies for 90% LVR on a $750,000 loan may only qualify for 85% LVR on a $1.5 million loan. This is more common at ANZ than at CBA or NAB.
ANZ’s Documentation Requirements
ANZ’s documentation requirements for professional LMI waivers are thorough but standard:
For All Applicants
- Current professional membership or registration certificate
- AHPRA registration (for health professionals)
- Practising certificate (for legal professionals)
- 100 points of identification
- Property details (contract of sale or valuation)
For Employed Professionals
- Two most recent payslips
- Most recent PAYG summary or tax return
- Employment contract or letter (confirming role, salary, and tenure)
For Self-Employed Professionals
- Two years of personal tax returns with ATO notices of assessment
- Two years of business financial statements (profit and loss, balance sheet)
- Business tax returns (if applicable)
- Evidence of professional practice structure (partnership agreement, trust deed)
For Contract Professionals
- Current contract showing terms, rate, and remaining duration
- Evidence of contract renewals or extension history
- Tax returns if contracting for more than 12 months
ANZ’s documentation requirements are generally in line with other major banks. The key is ensuring everything is current and consistent — discrepancies between tax returns and payslips or between your stated income and ATO records will delay the application.
ANZ’s Strengths for Professional Borrowers
Clean, Straightforward Applications
ANZ tends to process professional home loans efficiently when the application is clean — meaning your income documentation is straightforward, your professional membership is current, and there are no complicating factors like complex trust structures or irregular income. For employed professionals with a simple income structure, ANZ’s turnaround can be among the fastest of the big four.
Competitive Rates for Professional Packages
ANZ’s professional rate discounts can be competitive, particularly for borrowers in the $500,000–$1,000,000 loan range. The bank regularly adjusts its pricing to attract professional borrowers, so it’s worth comparing current rates at the time of your application.
Investment Property Waivers
ANZ offers professional LMI waivers on investment properties, though at lower LVR caps than owner-occupied. For professionals looking to build a property portfolio, ANZ is a viable option — particularly at 80–85% LVR for investment.
Solid Digital Experience
ANZ has invested significantly in its digital banking platform. For professionals who value online banking, a functional app, and digital loan tracking, ANZ’s platform is generally well-regarded.
ANZ’s Limitations for Professional Borrowers
Lower LVR Caps for Some Professions
This is ANZ’s main limitation compared to CBA and NAB. While medical practitioners and lawyers can typically access 90% LVR, accountants, engineers, and IT professionals may be capped at 85%. If you need 90% LVR and you’re in one of these professions, CBA or NAB may be a better option.
Loan Amount Sensitivity
ANZ is more likely than its competitors to reduce the maximum LVR as the loan amount increases. For large loans ($1.5M+), ANZ may require a larger deposit even for qualifying professionals. This is particularly relevant in Sydney and Melbourne where property prices routinely exceed $1 million.
Stricter Self-Employment Assessment
While ANZ accepts self-employed professionals, its income assessment can be more conservative than CBA or NAB. ANZ may use the lower of two years’ income rather than the higher or average figure, which can reduce your borrowing capacity.
Limited Allied Health Coverage
ANZ’s coverage of allied health professionals (beyond the core medical, dental, and pharmacy professions) can be less comprehensive than CBA’s. If you’re in a less common health profession, CBA may offer more certainty.
How ANZ Compares to Other Big Four Banks
ANZ vs CBA
| Feature | ANZ | CBA |
|---|---|---|
| Max LVR (medical) | 90% | 90% |
| Max LVR (accountants) | 85–90% | 90% |
| Max LVR (engineers) | 85% | 85–90% |
| Medico package | General professional | Dedicated Medico Plus |
| Self-employed flexibility | Moderate | Strong |
| Registrar-friendly | Yes | Yes (stronger) |
| Rate competitiveness | Competitive | Competitive |
Verdict: CBA is generally stronger for medical professionals (Medico Plus) and offers higher LVR caps for accountants and engineers. ANZ is competitive for medical practitioners and lawyers at 90% LVR.
ANZ vs NAB
| Feature | ANZ | NAB |
|---|---|---|
| Max LVR (medical) | 90% | 90% |
| Max LVR (accountants) | 85–90% | 90% |
| Max LVR (engineers) | 85% | 85–90% |
| Self-employed flexibility | Moderate | Strong |
| Investment LVR | 80–85% | 85% |
| Rate competitiveness | Competitive | Competitive (often strong on larger loans) |
Verdict: NAB tends to offer higher LVR caps and more flexible self-employment assessment. ANZ can be competitive on rate for straightforward applications.
ANZ vs Westpac
| Feature | ANZ | Westpac |
|---|---|---|
| Max LVR (medical) | 90% | 85–90% |
| Max LVR (accountants) | 85–90% | 85–90% |
| Range of professions | Broad | Moderate |
| Self-employed flexibility | Moderate | Moderate |
| Rate competitiveness | Competitive | Competitive |
Verdict: ANZ and Westpac are broadly similar for professional LMI waivers. ANZ tends to have a slight edge in eligible profession coverage and LVR limits.
When ANZ Is the Best Choice
ANZ is typically the strongest option when:
- You’re a medical practitioner or lawyer needing up to 90% LVR — ANZ is fully competitive at these levels
- Your application is straightforward — employed, simple income, clean credit — ANZ processes these efficiently
- ANZ’s current rates are the most competitive — professional rate pricing changes regularly, and ANZ periodically offers highly competitive rates
- You value digital banking — ANZ’s app and online platform are strong
- You have an existing ANZ relationship — some package benefits improve with existing ANZ accounts
When ANZ May Not Be the Best Choice
Consider an alternative when:
- You’re an accountant or engineer needing 90% LVR — CBA or NAB may offer this more consistently
- You’re self-employed with complex income — CBA or NAB’s income assessment may be more favourable
- You need a large loan ($1.5M+) — ANZ’s tendency to reduce LVR on larger loans may affect you
- You’re an allied health professional in a less common specialisation — CBA’s broader eligibility list may be more accommodating
- You want the absolute lowest interest rate — Macquarie or non-bank lenders may undercut ANZ
Application Process at ANZ
Step 1: Confirm Eligibility
Before applying, confirm you meet ANZ’s criteria for your profession. Check your LMI waiver eligibility to get a preliminary assessment in 60 seconds.
Step 2: Gather Documentation
Prepare your professional membership certificate, income evidence, and identification. For self-employed professionals, have your accountant prepare up-to-date financials.
Step 3: Get Pre-Approval
Request a pre-approval from ANZ to confirm your borrowing capacity and LMI waiver eligibility. This takes 1–5 business days and gives you confidence when house hunting.
Step 4: Submit Your Full Application
Once you have a property under contract, submit the full application with all documentation. ANZ will verify your professional membership and assess the loan.
Step 5: Receive Formal Approval
Full approval typically takes 5–10 business days after all documentation is received and the property valuation is complete. The LMI waiver is confirmed as part of the approval.
Step 6: Settlement
Settlement occurs according to the terms of the property contract, typically 4–6 weeks from exchange. No LMI is charged at settlement.
LMI Savings With ANZ
The savings from ANZ’s professional LMI waiver depend on your LVR and loan amount:
| Property Price | Deposit | LVR | LMI Saved |
|---|---|---|---|
| $600,000 | $90,000 (15%) | 85% | ~$5,100 |
| $750,000 | $75,000 (10%) | 90% | ~$14,000 |
| $800,000 | $80,000 (10%) | 90% | ~$15,200 |
| $1,000,000 | $100,000 (10%) | 90% | ~$20,000 |
| $1,000,000 | $150,000 (15%) | 85% | ~$8,500 |
Use the LMI calculator to estimate your exact saving based on your property price and deposit.
Frequently Asked Questions
Which professions qualify for ANZ’s LMI waiver?
ANZ waives LMI for medical practitioners, dentists, veterinarians, optometrists, pharmacists, lawyers, accountants (CPA/CA), engineers, IT professionals, actuaries, and several other professions. Eligibility varies by role — see the full professional list.
What is the maximum LVR for an ANZ professional home loan?
Up to 90% LVR for medical practitioners, dentists, and lawyers. Up to 85–90% for accountants and veterinarians. Up to 85% for engineers and IT professionals. Investment property LVR caps are typically 5% lower.
Does ANZ waive LMI for investment properties?
Yes. ANZ offers professional LMI waivers on investment properties, though the maximum LVR is lower than for owner-occupied purchases — typically 80–85% depending on your profession and loan amount.
Can medical registrars get an ANZ LMI waiver?
Yes. ANZ recognises medical registrars with AHPRA registration for professional LMI waivers. However, CBA’s Medico Plus program is generally considered stronger for registrars and trainees.
How does ANZ’s LMI waiver compare to CBA?
ANZ is competitive for medical practitioners and lawyers at 90% LVR. CBA tends to be stronger for accountants and engineers (higher LVR caps), medical registrars (Medico Plus), and self-employed professionals (more flexible income assessment).
Can self-employed professionals get an ANZ LMI waiver?
Yes. Self-employed professionals can qualify at ANZ, but the income assessment may be more conservative. ANZ typically requires two years of tax returns and may use the lower of the two years’ income. CBA and NAB may offer more flexibility for self-employed applicants.
Does ANZ charge higher interest rates for professional home loans?
No. ANZ’s professional packages typically include a rate discount compared to standard home loan rates. The exact rate depends on your loan amount, LVR, and current pricing. Compare rates across multiple lenders to ensure you’re getting the best deal.
How long does an ANZ professional home loan application take?
Pre-approval takes 1–5 business days. Full approval takes 5–10 business days after all documentation is provided and the property valuation is complete. Clean, straightforward applications tend to be processed faster.
Next Steps
ANZ is a competitive option for professional LMI waivers, particularly for medical practitioners and lawyers. But the right lender depends on your specific profession, income, deposit, and loan requirements.
- Check your LMI waiver eligibility — free, 60 seconds, no credit check
- Estimate your LMI saving — see exactly how much an ANZ waiver could save you
- Compare all eligible professions — understand which lenders are strongest for your profession
- Learn how LMI works — understand what ANZ is waiving and why it matters